Open Text (NASDAQ:OTEX) Rating Increased to Hold at TD Securities

Open Text (NASDAQ:OTEX) (TSE:OTC) was upgraded by research analysts at TD Securities to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Citigroup lowered their price target on Open Text from $38.00 to $36.00 and set a “neutral” rating on the stock in a report on Tuesday, December 23rd. CIBC reduced their price objective on Open Text from $40.00 to $37.00 and set a “neutral” rating for the company in a research note on Friday, January 16th. Royal Bank Of Canada decreased their price objective on Open Text from $35.00 to $33.00 and set a “sector perform” rating for the company in a research report on Monday, January 26th. Zacks Research downgraded Open Text from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Barclays raised their price target on shares of Open Text from $33.00 to $39.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Three investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $38.83.

Open Text Stock Performance

Open Text stock opened at $24.75 on Monday. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $6.23 billion, a P/E ratio of 12.96 and a beta of 1.08. Open Text has a fifty-two week low of $22.79 and a fifty-two week high of $39.90. The firm’s 50 day simple moving average is $31.92 and its 200-day simple moving average is $33.64.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings data on Wednesday, November 5th. The software maker reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.05. Open Text had a net margin of 9.60% and a return on equity of 23.44%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter last year, the business posted $0.93 EPS. The company’s revenue was up 1.5% on a year-over-year basis. As a group, equities research analysts predict that Open Text will post 3.45 EPS for the current year.

Institutional Trading of Open Text

Institutional investors have recently added to or reduced their stakes in the business. Sagard Holdings Management Inc. bought a new stake in Open Text in the second quarter worth approximately $30,000. CIBC Private Wealth Group LLC acquired a new stake in shares of Open Text in the 3rd quarter valued at $33,000. MAI Capital Management boosted its holdings in Open Text by 58.7% in the second quarter. MAI Capital Management now owns 1,595 shares of the software maker’s stock worth $47,000 after purchasing an additional 590 shares in the last quarter. WealthCollab LLC increased its position in Open Text by 39.5% during the second quarter. WealthCollab LLC now owns 1,640 shares of the software maker’s stock worth $48,000 after buying an additional 464 shares during the last quarter. Finally, Osaic Holdings Inc. raised its holdings in Open Text by 108.8% during the second quarter. Osaic Holdings Inc. now owns 1,798 shares of the software maker’s stock valued at $52,000 after buying an additional 937 shares in the last quarter. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.